Tds on property purchase above 50 lakhs | tds payment on property purchase #tds #shortsvideo #tds
Q1. What is Form 26QB? A : 26QB is a challan-cum-statement used for depositing TDS (Tax Deducted at Source) under Section 194-IA when purchasing immovable property is equal to or more than ₹50 lakhs. Q2. Who is responsible for filing Form 26QB? A : buyer of the property is required to file Form 26QB. Q3. What details are required to file Form 26QB? A : You need the following information: 1)Buyer and seller's PAN and Mobile No. 2)Property details, including the address, index-2. 3)Date of transaction and payment. 4)Total sale consideration. 5)TDS amount. Q5. Is TDS applicable to the entire sale amount or just the amount exceeding ₹50 lakhs? A : TDS is deducted on the entire sale amount, not just the amount exceeding ₹50 lakhs. Q6. What is the TDS rate for filing Form 26QB? A : TDS rate is 1% of the sale consideration. If the seller doesn’t provide a PAN, a higher rate of 20% applies under Section 206AA. Q7. When should the TDS be deducted and deposited? A : TDS must be deducted at the time of payment or credit (credit means liability arised on buyer )to the seller, whichever is earlier. It should be deposited to the government within 30 days from the end of the month in which TDS was deducted. Q8. What if the property payment is made in installments? A : TDS must be deducted on each installment and reported through Form 26QB. Q9. Is Form 26QB needed for multiple buyers or sellers? A : Each buyer must file Form 26QB for each seller, proportionate to their share in the property transaction. Q10. What if the TDS is deducted but not deposited? A : Interest at 1.5% per month is levied for late payment of TDS, and penalties may apply. Q12. Is there any late fee for delayed filing of Form 26QB? A : Yes, a late filing fee under Section 234E applies: ₹200 per day until the return is filed (not exceeding the amount of TDS). Q13. How is Form 16B related to Form 26QB? A : Form 16B is a TDS certificate generated from the TRACES portal after filing Form 26QB. It must be issued to the seller. Q14. What if the buyer or seller's PAN is incorrect or unavailable? A : Filing cannot proceed without a valid PAN. Ensure both parties provide correct details before the transaction. ( Buyer will deduct the tds at 20% and inform to seller about this, but the question is here how to pay ?). Q15. Can errors in Form 26QB be corrected? A : Yes, errors can be rectified through the TRACES portal by requesting a correction. Q 16. Is TDS required if the agreement is registered but payment is not made? A : TDS is triggered at the time of credit or payment, whichever is earlier. If no payment is made, TDS is not applicable. Q 17. Is TDS applicable if the sale consideration includes stamp duty or GST? A : TDS is calculated on the sale consideration agreed between the parties, excluding GST (If the stamp duty value is more than the sales consideration then TDS is deducted on stamp duty value). #icai #icai_students_group #icaiofficial #icaistudents #icaistudymaterial #icaica #icaiimportantupdates #icaiannouncementaubsp #icaiannoucement #icaiexamupdate #wirc #sirc #charteredaccountant #charteredaccountantlife #charteredaccountantlife #charteredaccountantsalary #charteredaccountantcourse #charteredaccountants #charteredaccountantinpakistan #castudents #castudentslife #budget #shortsvideo #shorts #shortvideo #shortsfeed #shortvideos #shortsbeta #shortsyoutube #shortsviral #finance #financetips #finances #financeminister #financeeducation #financenews #financeiro #financeyoutuber #financemotivation #financeminister #mca #income #incometax #incometaxreturn #incomestreams #incometaxnotices #incometaxact #incomesite #incometaxefiling #incomeinequality #gst #gstv #gstvnews #gstr1 #gstitc #gstitc #gstvshorts #gstlatestupdate #pune #punekar #punenews #pune
